Cross-Chain DEX THORSwap Hits Pause to Tackle Illicit Fund Concerns
The THORChain-based decentralized exchange, THORSwap, has announced that it is temporarily transitioning into maintenance mode due to concerns regarding the potential movement of illicit funds through its platform. The decision comes as a response to ensure the security and integrity of the platform, emphasizing THORSwap’s commitment to combating criminal activities within its ecosystem.
This unexpected move, which was made following a thorough evaluation of the situation, was the result of careful consideration and consultations with advisors, legal counsel, and law enforcement agencies. THORSwap’s primary objective is to promptly address and curtail any further potential illicit activity while also working towards implementing a more permanent and robust solution.
While THORSwap’s decision to enter maintenance mode may raise questions and concerns among its user base, it’s crucial to understand that the platform’s commitment to its long-term sustainability and security is at the forefront of this decision. By temporarily disabling the interface, THORSwap aims to safeguard its users and the integrity of the exchange.
A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal…
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 6, 2023
On October 5, the transaction volume on the ThorChain was US$355 million, hitting a record high. The cumulative transaction volume in the past five days has exceeded US$1 billion, which may be related to the surge in hacker activities to conduct cross-chain transactions for BTC. Over the past four months, more than 50% of funds converted from ETH to BTC via ThorSwap routers were stolen funds.
At this stage, no specific details regarding the nature of the illicit activity or the timeline for the restoration of full functionality have been disclosed. However, THORSwap’s contributors are working diligently to address the issue and resume normal operations as soon as possible. Users can expect to receive updates and further information as the situation develops.
The team is fully committed to resolving the issue and returning the platform to its regular state. Together, the THORSwap community looks forward to overcoming this temporary setback and continuing their journey “onwards to Valhalla.”
In conclusion, THORSwap’s decision to temporarily transition into maintenance mode demonstrates its unwavering commitment to the safety and security of its users and the overall integrity of the platform. While the situation may raise concerns, the THORSwap community can rest assured that the team is working diligently to address the issue and get the platform back on track.
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